Longacre signs $141M acquisition loan with PGIM for 34-building Bronx portfolio

Longacre Asset Management through the entity 100 East Mosholu Parkway Owner LLC (and others) as borrower signed an acquisition loan with lender PGIM Real Estate through the entity The Prudential Insurance Company Of America valued at $141 million for 37 properties with 2,021 residential units including the 157-unit residential elevator building (D1) at 2100 Bronx Park East in Pelham Parkway, Bronx, 100-unit residential elevator building (D1) at 2780 University Avenue in Kingsbridge Heights, Bronx, and 81-unit residential elevator building (D7) at 2140 Cruger Avenue in Pelham Parkway, Bronx. The reported loan amount was $141 million, but the amount recorded in city property records was $139.8 million.
The deal closed on May 16, 2025 and was recorded on June 2, 2025. The prior lender was Flagstar Bank.

The 37 properties have 2,133,060 square feet of built space and 213,236 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $65 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Longacre Asset Management was Peter Hungerford . The signatory for PGIM Real Estate was Scott Schwartz. This is a loan for the $195.5 million purchase of a 34-building portfolio from Related Companies. Longacre Asset Management is a joint venture of PH Realty Capital and Rockledge. PGIM put out a press release with the total $141 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 18 DOB violations, $36,280 in ECB penalties, 1,848 housing violations, $66,005 in OATH penalties, and 23 housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 2100 Bronx Park East, PincusCo has identified the owners of four of the six commercial properties representing 321,990 square feet of the 450,990 square feet. The largest owner is Longacre Asset Management, followed by Parkoff Organization and then Sopher Group.
On the tax block, there was one new building construction project filed totaling 104,881 square feet. It is a 124-unit, 104,881 square-foot residential (R-2) building submitted by Jonathan Sopher with plans filed December 17, 2018 and permitted December 2, 2024.

The majority, or 95 percent of the 450,990 square feet of built space are elevator buildings, with retail buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Longacre Asset Management owned at least 37 commercial properties with 2,021 residential units in New York City with 2,133,060 square feet and a city-determined market value of $124.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 2,133,060 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. They are all located in Bronx.

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